Every now and then on the loan forums regarding payday loans online, there are queries about the content “I have submitted a loan application with [company name] and I haven’t received the loan yet. I used to take a loan from another company and I waited there for no more than 30 minutes. Why haven’t I got the money yet? ” Borrowers have already got used to the slogans “loan in 15 minutes” and loan 24/7.
Although this is possible and is becoming more common, such loans will not be available everywhere. Sometimes this is due to the company’s business specifications, and sometimes it depends on external factors. So it may happen that the borrower receives the money later than he would have expected. What are the reasons for this?
A loan in 15 minutes and bank sessions
The above slogan will not necessarily be a marketing ploy aimed at attracting as many customers as possible, but in some cases it may bear its hallmarks. For most companies, this time will not apply to the time to receive the money, but to the time spent on completing all formalities, submitting the application and obtaining the loan decision. This actually happens very quickly – the conclusions are simple and intuitive, and then considered by an automated system. It is worse with how much time it will take for the transfer to reach the customer.
So you can be lucky and receive a transfer really expressly at the next banking session. You can also choose a company that has accounts in many banks, including one in which you have an account yourself. Transfers within the same bank are booked expressly and are not subject to session hours]. The full list, as well as what determines the speed of granting a loan, can be checked in the article “Which company will I get the loan in the fastest way – company review”.
Loan companies don’t always send money immediately
Although loan companies announce that the loan will be sent to the customer immediately, this does not always mean a few seconds after the loan decision is issued. Usually this is the case, but just in case loan agreements contain clauses stating after what maximum time the loans can be sent (it can be even several days) and try to fit in this area. This is insurance against unexpected situations (e.g. system failure). In addition, it is highly probable that the delay in payment may occur during hot loan periods, e.g. pre-holiday periods. Loan companies must then handle a larger number of clients than usual and analyze more applications. It is therefore natural that delays may occur.
The fault may lie with the bank
While waiting for the bank transfer to be received, one should also bear in mind that the delay in booking the payment of the loan may also be on the side of the banking institution. The reason can be both technical breaks and failures. The first ones are not extremely bothersome and usually take place at weekends and at night, so as to make the lives of customers as little as possible. They will not be a problem. However, it may be failures, which unfortunately happen quite regularly. This is by no means incomprehensible – the numbers of customers using electronic banking are huge, and therefore the number of operations performed at the same time is huge. Some banking systems do not tolerate overloading well and may not be able to handle so many operations at once. Sometimes there are delays in delivery of transfers (and even mistakes about recipients) or operations will be performed twice. What to do in this case? Information about bank failures spread at the speed of light, so if we know that this is what happened in our case – it remains to be patient and wait for the failure to be removed.
What to do if the transfer did not arrive in time?
After making sure that the fault is not on the bank’s side and waiting for hours of bank sessions, do not panic. It is better to contact the loan company and ask for clarification in the transfer. Handling multiple requests at once can sometimes result in a small mistake or omission. An informed lender should, however, solve the problem immediately. A considerable delay in repayment of the loan may be the basis for submitting a complaint and demanding compensation – it may be e.g. a reduction in the cost of the loan. However, we should remember that the loan company has 30 days to consider it, so if our loan is payday loan, we will most likely have to pay it back before the loan company reviews the complaint. Under no circumstances should the repayment be waived!